TaxTMI 
TaxTMI 
Reducing Compliance Burden regarding SOFTEX Forms
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....s, even physical copies of SOFTEX forms for verification to DC office despite the same is being filed online digitally. It is also noted that in case of units in STPI, the practice of submitting physical copies of SOFTEX and invoices has been dispensed away. 4. Accordingly, as a measure of enhancing ease of doing business, it has been decided to dispense with the practice of submitting physical copies of SOFTEX and invoices by SEZ units. As such, for the purpose of verification, any document including relevant invoices may be obtained electronically from the units with the approval of DC. In exceptional cases, where there is a need for more detailed verification, DC may permit seeking sample copies of relevant invoices in physical mode, on a case-to-case basis. 5. This issues with the approval of the competent authority. Yours Sincerely (Sumit Kumar Sachan) Under Secretary to the Govt. of India Tel. 23039829 e-mail: [email protected] RBI/2011-12/413 A.P. (DIR Series) Circular No. 84 February 29, 2012 To All Authorised Dealers in Foreign Exchange Madam / Sir, Compilation of R-Returns: Reporting under FETERS Attention of A....
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....sent system of reporting of non-export transactions below Rs. 5 lakhs (a) on a consolidated basis in BoP file and (b) submission of purpose-wise distribution of a sample of such small receipt transactions (as part of R-return in the URS file under FETERS), will be discontinued for transactions beyond March 31, 2012. iii) The amount field in all FETERS files will be increased to 15-digit format. iv) 6-digit port code will be used uniformly for reporting under FETERS. 4. The revised Guidelines for Submission of Data under the FETERS are attached herewith. 5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (Rashmi Fauzdar) Chief General Manager ============= Document 1 Guidelines for Submission of Data: Foreign Exchange Transactions Electronic Reporting System (FETERS) Nodal offices of Authorised Dealer (AD) banks are required to report purpose, country, currency and other details of their foreign exchange sale and purchase transact....
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....he Reserve Bank. For example, if bank code is 639, the file name should be: • 639_BOP6.TXT for BoP6 file • 639_ENC.txt for ENC file • 639_sch3to6.txt for SCH3to6 file • 639_QE.txt for QE file File Layout Changes: A comparison of the file layouts with the previous version is given below: Reason SI. File Name Previous No. Width Revised Width 1 BankCode BOP6.txt 59 63 Amount width increased to 15 2 BankCode_ENC.txt 92 103 Invoice value width increased to 15 3 BankCode_SCH3T06.txt 83 95 4 BankCode QE.txt 41 45 5 BankCode URS6.txt Shipping_bill_No. width increased to 13 CSN width increased to 14 Invoice Value width increased to 15 Realised Value width increased to 15 Shipping_bill_No. width increased to 13 Amount width increased to 15 Discontinued Page 1 of 18 Name Delimiter: The FETERS files should be ASCII files with one record per line. All fields in each file should be delimited with the delimiter "|" Reporting of Non-applicable items: In cases where an item is not be relevant for a set of transactions of certain purposes, irrelevan....
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....transactions (i.e. N/P/D, advance received during fortnight, Collection realised during fortnight) All the individual transactions Page 2 of 18 Non-Export (Other than Exports) All the individual transactions related to Non- Export (Other than Exports) below equivalent of Rs.5 lakh Purpose code P1590 Aggregate figure II. C(i). All the individual transactions related to Non- Purpose code P1591 II. C(ii). Export (Other than Exports) above or equivalent of Aggregate figure Rs 5 lakh Purchase from Other ADs in India Purchase from RBI Purchases from Overseas Banks / correspondents Purchases from branches by A- No individual Transaction to be Reported Purpose code P0092 - II. D Aggregate figure No individual Transaction to be Reported Purpose code P0091 ~ II. E No individual Transaction to be Reported Aggregate figure Purpose code P0093 ~ Aggregate figure II. F No individual Transaction to be Reported Purpose code P0095 ~ Aggregate figure No reporting Category Opening Balance With purpose code P2088/S2088 Net amount (Total III A to III H) ....
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.... Investments S0009 S0010 Repatriation of Foreign Direct Investment in made by overseas Investors India - in debt instruments Repatriation of Foreign Direct Investment made by overseas Investors in India – in real estate External S0011 Commercial S0012 Borrowings Short term S0013 Loans Banking Capital S0014 S0015 S0016 Repatriation of Foreign Portfolio Investment made by overseas Investors in India – in equity shares - Repatriation of Foreign Portfolio Investment made by overseas Investors in India – in debt instruments Loans extended to Non-Residents Repayment of long & medium term loans with original maturity above one year received from Non-Residents Repayment of short term loans with original maturity up to one year received from Non-Residents Repatriation of Non-Resident Deposits (FCNR(B)/NR(E)RA etc) Repayment of loans & overdrafts taken by ADS on their own account. Sale of a foreign currency against another foreign currency Page 4 of 18 Gr. Purpose Purpose No. Group Name Code Financial S0020 Derivatives and Others S0021 ....
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....ose Purpose No. Group Name Code S0217 S0218 02 Transport S0219 S0220 Description S0221 Other payments by Shipping companies Payments for Passenger - Airlines companies Other Payments by Airlines companies Payments on account of freight under other modes of transport (Internal Waterways, Roadways, Railways, Pipeline transports and others) Payments on account of passenger fare under other modes of transport (Internal Waterways, Roadways, Railways, Pipeline transports and others) Postal & Courier services by Air S0222 S0223 Postal & Courier services by Sea S0224 13 03 Travel S0301 Postal & Courier services by others Business travel. S0303 Travel for pilgrimage S0304 Travel for medical treatment S0305 Travel for education (including fees, hostel expenses etc.) S0306 05 50 Construction Services S0501 S0502 06 Insurance and S0601 Pension S0602 Services S0603 S0605 S0607 S0608 S0609 Standardised guarantee services S0610 Premium for pension funds S0611 S0612 Periodic pension entitlements e.g. monthly quarte....
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....ompanies S1004 Legal services S1005 Accounting, auditing, book-keeping services S1006 S1007 Business and management consultancy and public relations services Advertising, trade fair service S1008 Research & Development services S1009 S1010 Architectural services Agricultural services like protection against insects & disease, increasing of harvest yields, forestry services. S1011 Payments for maintenance of offices abroad S1013 S1014 S1015 Tax consulting services S1016 S1017 Environmental Services Engineering Services Market research and public opinion polling service Publishing and printing services S1018 S1020 Mining services like on-site processing services analysis of ores etc. Commission agent services S1021 Wholesale and retailing trade services. S1022 Operational leasing services (other than financial leasing) without operating crew, including charter hire- Shipping companies S1023 S1099 Other Technical Services including scientific/space services. Other services not included elsewhere Page 7 of 18 Audio-visual and related services like Motion picture....
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....of dividends on account of Portfolio Investment in India on equity and investment fund shares Page 8 of 18 Gr. Purpose Purpose No. Group Name Code 15 Others S1501 S1502 S1503 S1504 S1505 16 Maintenance S1601 and repair services n.i.e S1602 17 Manufacturing S1701 services (goods for processing) Description Refunds/rebates / reduction in invoice value on account of exports Reversal of wrong entries, refunds of amount remitted for non- exports Payments by residents for international bidding Notional sales when export bills negotiated/ purchased/ discounted are dishonored/crystallised/ cancelled and reversed from suspense account Deemed Imports (exports between SEZ, EPZS and Domestic tariff areas) Payments on account of maintenance and repair services rendered for Vessels, ships, boats, warships, etc. Payments on account of maintenance and repair services rendered for aircrafts, space shuttles, rockets, military aircrafts, helicopters, etc. Payments for processing of goods Page 9 of 18 B. Receipt Purposes (for use in BOP file) Gr. No. Purpose Grou....
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....owings) Short term loans with original maturity upto one year from Non- Residents to India (Short-term Trade Credit) Page 10 of 18 Gr. No. Purpose Group Name Purpose Code Banking P0014 Capital P0015 P0016 Financial P0020 Derivatives and Others P0021 External P0022 P0024 Assistance P0025 01 Exports (of P0101 Goods) P0102 P0103 P0104 Description Receipts o/a Non-Resident deposits (FCNR(B)/NR(E)RA, etc.) {ADs should report these even if funds are not “swapped" into Rupees} Loans & overdrafts taken by ADS on their own account. (Any amount of loan credited to the NOSTRO account which may not be swapped into Rupees should also be reported) Purchase of a foreign currency against another currency. Receipts on account of margin payments, premium payment and settlement amount etc. under Financial derivative transactions Receipts on account of sale of share under Employee stock option Receipts on account of other investment in ADRs/GDRs External Assistance received by India e.g. Multilateral and bilateral loans received by Govt. of India under agreeme....
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.... Other receipts by Shipping companies Receipts of freight fare by Indian Airlines companies operating abroad Receipts of passenger fare -Airlines Other receipts by Airlines companies Receipts on account of freights under other modes of transport (Internal Waterways, Roadways, Railways, Pipeline transports and Others) Receipts on account of passenger fare under other modes of transport (Internal Waterways, Roadways, Railways, Pipeline transports and Others) Postal & Courier services by Air Postal & Courier services by Sea P0224 P0225 P0226 Postal & Courier services by others Travel P0301 P0302 P0304 P0305 P0306 P0308 05 Construction Services P0501 P0502 06 99 Purchases towards travel (Includes purchases of foreign TCs, currency notes etc over the counter, by hotels, Emporiums, institutions etc. as well as amount received by TT/SWIFT transfers or debit to Non-Resident account). Business travel Travel for medical treatment including TCs purchased by hospitals Travel for education including TCs purchased by educational institutions Other travel receipts Foreign Curre....
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....ceipts for use, through licensing arrangements, of produced originals or prototypes (such as manuscripts and films), patents, copyrights, trademarks, industrial processes, franchises etc. Trade related services - commission on exports / imports Operational leasing services (other than financial leasing) without operating crew, including charter hire- Airlines companies Legal services Accounting, auditing, book keeping services Business and management consultancy and public relations services Advertising, trade fair service Research & Development services Architectural services Agricultural services like protection against insects & disease, increasing of harvest yields, forestry services. P1011 Inward remittance for maintenance of offices in India P1013 Environmental Services P1014 Engineering Services P1015 Tax consulting services P1016 Market research and public opinion polling service P1017 Publishing and printing services P1018 P1019 Mining services like on-site processing services analysis of ores etc. Commission agent services P1020 Wholesale and retailing trade services. P1021 ....
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....ng abroad Inward remittance on account of interest payment by Indian FDI enterprises operating abroad to their Parent company in India. Inward remittance of interest income on account of Portfolio Investment made abroad by India P1412 P1499 Inward remittance of dividends on account of Portfolio Investment made abroad by India on equity and investment fund shares Other income receipts Page 14 of 18 Gr. Purpose No. Group Name Purpose Code 15 Others P1501 P1502 P1503 P1505 16 Maintenance P1601 and repair services n.i.e P1602 17 Manufacturing services P1701 Description Refunds/rebates on account of imports Reversal of wrong entries, refunds of amount remitted for non- imports Remittances (receipts) by residents under international bidding process. Deemed Exports (exports between SEZ, EPZs and Domestic Tariff Areas) Receipts on account of maintenance and repair services rendered for Vessels, Ships, Boats, Warships, etc. Receipts of maintenance and repair services rendered for aircrafts, Space shuttles, Rockets, military aircrafts, etc. Receipts on acc....
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....d do not enter the territory of the compiling (resident's) economy and secondly, goods being acquired do not undergo any transformation before being resold or repurchased Page 16 of 18 Annex II: FETERS File Layouts 1. BANKCODE_BOP6.TXT relating to transactions involving sale and purchase of foreign exchange (excluding inter-office, inter-bank, RBI transactions) during the reporting fortnight Remarks Field AD Code Fortnight-end Date Format Char (7) YYYYMMDD BSR Part-1 Uniform Code Transaction Date YYYYMMDD Valid date within fortnight Serial No. Num. (4) Purpose Code Char (5) Purpose code starting with P/S (Part A/B of Annex I) Country Code Char (2) SWIFT code Currency Code Char (3) SWIFT code Amount [in Foreign Currency (FC)] Num. (15) Date of Shipment YYYYMMDD LC char (1) Country of Vostro a/c Holder char (2) 1 for Yes; 0 for No SWIFT code 2. BANKCODE_ENC.TXT relating to physical exports, bills in respect of which were negotiated, purchased, discounted or sent for collection during the reporting period Field A.D. Code Fortnight-end date Format Char ....